Company Information for Ascent Resources

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AIM; AST

Company Statement

Ascent Resources plc is a European oil and gas exploration and production company.

Since commencing operations in 2005, it has built a portfolio of some twenty oil and gas projects across Europe in Hungary, Switzerland, Spain, Italy, Slovenia and the Netherlands.

With the exception of the Netherlands, all the Company’s projects are onshore where operating costs are substantially less than they are offshore.

Ascent Resources aims to operates all its projects and to build value through an active exploration, drilling and development programme.

Operations and Technology

Hungary

PetroHungaria kft operates a conventional gas exploration and development project in two exploration areas in eastern Hungary. PetroHungaria, with Canadian partners DualEx and Swedish partners PetroPequnia have drilled four gas exploration wells. The company plans to put the Peneszlek area development, initially with three wells, on production in Q-2, 2008. Phase 1 of this development will include a 3-D seismic acquisition to optimise well locations for the 2nd phase of the development.
ZalaGasCo kft, in partnership with MOL RT, the Hungarian Oil and Gas major is redeveloping the Bajcsa gasfield. This field, originally developed in the 1960’s produces from lower permeability Pannonian reservoirs. The redevelopment will use horizontal producing wells to increase production rates and to maximise gas recovery factors. Field work is on-going with gas production through the existing facilities expected in Q-1, 2008.
Ascent Resources has 52.5% and 92% interests in two Hungarian affiliates PetroHungaria kft and ZalaGasCo kft respectively

Italy - Latina Valley

2007: Anagni-1 exploration well drilled in the Latina valley concession south east of Rome. A new operating permit was issued in Q4 2007 for the continuation of the Anagni-1 production test and for a plug-back at the bottom of the open-hole section to ensure a conclusive test result.
December 2005: Ascent acquired 40% participating interest in the 358 sq km coastal Fiume Arrone Exploration Permit west of Rome.
July 2005: Ascent farm-in to Pentex Italia's Latina Valley Acreage.
July 2005: Ascent farm-in to Pentex Italia's Latina Valley Acreage.
Ascent operates the Frosinone oil exploration permit with a working interest of 70% and drilled the Anagni-1 well in the second half of 2007.
Ascent has a 50% working interest in the Strangolagalli Concession (excluding Ripi oilfield) which contains the Veroli prospect.

Italy - Po Valley

The Po Valley has the second largest gas reserves onshore in Europe.
Vintage to be renamed Ascent Resources Italia.
Ascent holds equity in the Cento and Bastiglia exploration permits which are in the central part of the Po Valley midway between Milan and Ravenna.
Q1 2008 - Planning and permitting for the Gazzata-1 well in the Ascent operated Cento and Bastiglia permits. It is planned that this well will be one of the first wells to be drilled using the 200 Tonne rig owned by Perazzoli Drilling in which Ascent holds a 22.5% interest.
July 2005 - Ascent purchases Vintage Petroleum Italiana srl (renamed Ascent Resources Italia), a company with two gas exploration permits in Italy’s gas-rich Po Valley.

Netherlands

October 2006 - Joint Venture awarded exploration licences covering total of 795 sq. km by the Dutch Government, following technical evaluation by Ascent and its partner company GTO.
Technical work focused on the traditional Rotleigendes plays which have been overlooked by previous operators. Gas was discovered within the M11 permit in 1982 and tested at a rate of 6,600 cubic metres per day (233 Mscfd).
Canada's McLaren Resources Inc farmed into the Netherlands licences following the licence applications and will pay 62.5% of Joint Venture costs for 45% stake. GTO acquires 814,941 shares under terms of previous Joint Venture.
April 2005 - Ascent Resources takes 90% stake in Joint Venture with GTO covering onshore and offshore gas exploration in the Dutch sector of the North Sea. GTO provides exploration personnel with local expertise.

Switzerland

July 2006 – A third exploration permit was awarded in the Canton of Vaud through Joint Venture partner SEAG (Swiss Petroleum). The exploration permit, covering an area of 735.8 square kilometres, includes the Essertines well, drilled by BEB drilled in 1962. Oil in was discovered in this well in a Jurassic Rhaetian reservoir, which produced light oil (41.5 degrees API) with associated gas on test.
August 2005- The Joint venture was granted two gas exploration permits. The permit for the Seeland/Frienisberg area covers 363.5 square kilometres and contains the Hemrigen well discovered in 1982. The Thun permit covers 330 square kilometres and contains the Linden well discovered in 1972.
April 2005 - Ascent entered into a joint venture with SEAG (Swiss Petroleum) for an exploration project in the Molasse Basin of western Switzerland. The joint venture is owned 90% by Ascent and 10% by SEAG. The joint venture is targeting three unappraised discoveries: 1) A BEB (ExxonMobil & Shell) oil discovery made in 1962, 2) one gas discovery drilled by Elf Aquitaine in 1972 and 3) one gas discovery drilled by Elf Aquitaine in 1982.

Slovenia

February 2007 - Ascent acquired Nemmoco Slovenia Corporation (NSC). NSC's assets include a 45% interest and operatorship of the Joint Venture that owns the development rights to the Petisovci Dolina ("P-D") oil and gas fields and a 15.75% interest and operatorship of the Joint Venture that owns the development rights to the underlying Petisovci Globoki ("P-G") gasfield. The fields are in eastern Slovenia near Lendava, close to the borders of Slovenia, Austria, Hungary and Croatia with access to European markets. The oil and gas fields, which were originally discovered in 1942, currently produce minor amounts of oil and gas through nearby production facilities.

Perazzoli Drilling

Ascent acquired a 22.5% interest in Italian drilling contractor Perazzoli Drilling srl ("Perazzoli") in September 2007. The acquisition provided Ascent, through its subsidiary Ascent Drilling Limited ("Ascent Drilling"), with priority access to Perazzoli's rigs. This enables Ascent Drilling to schedule the Company's exploration and appraisal drilling programmes on its European gas and oil portfolio more efficiently as well as producing additional revenue.

Board of Directors and Key Management

Directors
John Kenny	Chairman
Jeremy Eng	Managing Director
Simon Cunningham	Executive Finance Director
Malcolm Groom	Legal director
Jonathan Leg	Non-Executive Director
Nigel Moore	Non-Executive Director

Operations & Organisation
John Bottomley	Company secretary
Eloi Dolivo	Principal Exploration Advisor
Ken Fraser	Drilling Management
Jozef Hozjan	Slovenia country manager
Rebecca Humphreys	Administration manager
Alistair Jury	Finance manager
Clive Ninnes	Engineering Manager
Paolo Simonetto	Italy country manager
Riki Sospisio	Corporate Advisor
Tamás Tóth	Manager of Technical Services Centre
Gavin Ward	Exploration manager
Karin Weisenborn	Netherlands country manager
Géza Wórum	Chief Geologist

Company Address

5 Charterhouse Square
London, United Kingdom EC1M 6EE


Telephone:	+44 (0)20 7251 4905
Facsimile:	+44 (0)20 7681 2680
Email:	info3[at]ascentresources.co.uk
Website:	http://www.ascentresources.co.uk

Additional Address/Key Contact

Registered Office:
One America Square
Crosswall
London EC3N 2SG

Capital

The number of shares in issue is correct as of 3 August, 2009; Shares in issue; 360,132,042

Nominated Brokers

Fox Davies Capital & Cenkos Securities

Nominated Advisors

Cenkos Securities Plc

Major Shareholders

Mr Ronald Rowan	8.20%
Pershing Nominees Limited	8.12%
RAB Energy Fund Limited	7.49%
TD Waterhouse Nominees (Europe) Limited	7.43%
Pershing Nominees Limited	7.31%
LR Nominees Limited	6.57%
Barclayshare Nominees Limited	5.25%
HSBC Global Custody Nominee (UK) Limited	3.17%
HDSL Nominees Limited	3.15%

Most Recent Statement

15/07/10 - Increase in Interest in North Sea Blocks M10/M11
02/07/10 - Director's Dealing
01/07/10 - Increase in Interest in Petisovci Project
16/06/10 - Notice of AGM and Posting of Report and Accounts
07/06/10 - Penészlek Production Update
18/05/10 - Final Results

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